User Attitude and Intentions Towards FinTech in Bangladesh

Introduction

Financial technology (FinTech) is a unique combination of technology and finance, that drawn under the innovative strategies and provide solutions to facilitate day-to-day emerging financial problem (Berg et al., 2020). FinTech has delivered an incredible rise in the global marketplace, particularly in India, China and the UK. Alipay, E-wallet, crypto-currency, Paypal, peer-to-peer (P2P) borrowing, corporate sponsorship, and InsureTech are peer operators in the international market (Anagnostopoulos, 2018). In a niche market, some FinTech service providers are keener to provide extraordinary user services and products to enhance users technology experiences. Mobile operators and the banking industry have now become the key FinTech service and product providers that offer popular items to individuals and corporate businesses (Bömer & Maxin, 2018). While FinTech is still very much in infancy in the Asian market (Eickhoff et al., 2017), numerous studies have been directed, which not only examine the benefits and costs of FinTech but also provide the latest solutions for individual and business sectors (Juengerkes, 2016).

In recent years, investors are more interested to invest in FinTech. Big data, crypto-currency (Jonker, 2019), mobile networks (Wu & Wang, 2005), cloud computing (sH. Amin, 2009) and banking (Manrai & Manrai, 2007) were highly trendy towards the advancement in financial development and innovation in the market. The digital transformation of mobile banking is somehow dependable on investment in information and communication technology.

Under the Bangladeshi context, the following research is related to the overall knowledge and adoption of FinTech products among local consumers or users. They are generally inadequate to access FinTech services. Therefore, to analyze the engagement and understanding of FinTech by Bangladeshi customers, a conceptual model has been proposed. Furthermore, the objective of the research study is to establish the conceptual elements that may stimulate the knowledge and acceptance among the target consumers of FinTech services and products. Moreover, consumer behaviour toward the acceptance of FinTech services and products is discussed. In recognizing and encouraging the use of FinTech products and services, the results would be beneficial to researchers, FinTech operators and businesses. The outcome of this research is expected to be a breakthrough that would make a foremost contribution to Bangladesh’s economy in its digitalization process.

This study implemented the Technology Acceptance Model (TAM) and Theory of Planned Behaviour (TPB) to understand the user acceptance intentions towards Fintech services and product. This study analyzes the dynamics that affect users intention to use FinTech services and products in Bangladesh. the following research is developed to expand the TAM model, which resulted in 5 additional determinants to assess the attitude and consumers intentions for using FinTech services and products. The determinants are Perceived Trust (PT), Perceived Usefulness (PU), Perceived Compatibility (PCOM), Perceived Cost Efficiency (PCE) and Perceived Risk (PR).

The following research paper is structured as follows. In the following section, significant literature is studied, and a developed conceptual model and some theory are acquainting in detail. Under the light of TAM and TBP hypothesis of study has been developed. Thus, data analysis and results have been discussed in the discussion section. In last, the study concludes with limitations and proposed suggestions for future research work.